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The Costs and Risks of Brownfield Redevelopment Versus Greenfield Development: a Priveat Sector Perspective on the Effectiveness of Community Incentive Packages

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The Costs and Risks of Brownfield Redevelopment Versus Greenfield Development: a Priveat Sector Perspective on the Effectiveness of Community Incentive Packages THE COSTS AND RISKS OF BROWNFIELD REDEVELOPMENT VERSUS GREENFIELD DEVELOPMENT: A PRIVEAT SECTOR PERSPECTIVE ON THE EFFECTIVENESS OF COMMUNITY INCENTIVE PACKAGES. A CASE STUDY OF WATERLOO, ONTARIO by Brandon Green, BSc (Honours), University of Toronto, 2012 A Professional Project Paper Presented to Ryerson University in partial fulfilment of the requirements for the degree of Master of Applied Science In the Program of Environmental Applied Science and Management Toronto, Ontario, Canada, 2016 ©Brandon Green, 2016 Author’s Declaration I hereby declare that I am the sole author of this Professional Project Paper. This is a true copy of the Professional Project Paper, including any required final revisions. I authorize Ryerson University to lend this Professional Project Paper to other institutions or individuals for the purpose of scholarly research. I further authorize Ryerson University to reproduce this Professional Project Paper by photocopying or by other means, in total or in part, at the request of other institutions or individuals for the purpose of scholarly research. I understand that my Professional Project Paper may be made electronically available to the public. ii THE COSTS AND RISKS OF BROWNFIELD REDEVELOPMENT VERSUS GREENFIELD DEVELOPMENT: A PRIVEAT SECTOR PERSPECTIVE ON THE EFFECTIVENESS OF COMMUNITY INCENTIVE PACKAGES. A CASE STUDY OF WATERLOO, ONTARIO Master of Applied Science, 2016 Brandon Green Environmental Applied Science and Management Ryerson University Abstract Traditionally, there has been minimal interest on behalf of developers, land owners as well as private sector stakeholders to redevelop brownfields (De Sousa, 2000). The fears of real or perceived contamination have made the redevelopment project too expensive and risky to develop profitably. Limited government funding and assistance to the private sector for brownfield redevelopment further complicates brownfield redevelopment. This research investigated Ontario’s Community Improvement Plans with brownfield provisions and how they quantitatively aid investor returns. Hypothetical scenarios for a multifamily residential development were generated for both hypothetical brownfield and greenfield sites where brownfield incentives could be implemented. The pro forma analysis revealed that a full exemption from regional development charges (RDC) had the greatest effect on investor returns (NPV and IRR) followed by the joint TIEG offered in the City of Waterloo. Greenfield development is the most financially feasible option with no added costs or risks from contamination. iii Acknowledgments I would like to dedicate this research to my parents. iv Table of Contents Author’s Declaration…………………………………………………………………………………………………………………ii Abstract……………………………………………………………………………………………………………………………………iii Acknowledgments……………………………………………………………………………………………………………………iv List of Tables……………………………………………………………………………………………………………………………viii List of Figures……………………………………………………………………………………………………………………………ix List of Appendices……………………………………………………………………………………………………………………..x Chapter 1 – Introduction 1.1. The Problem – General Overview……………………………………………………………………………………….1 1.2. What is the Significance of Brownfields? Why is Brownfield Remediation Important…………3 1.3. (Roadblocks and) Deterrents to Brownfield Redevelopment………………………………………………4 1.3.1. Liability………………………………………………………………………………………………………………..6 1.3.2. Cost and Time………………………………………………………………………………………………………7 1.3.3. Lack of Government Incentives and Fragmented Regulatory Policy……………………..8 1.4. Research Objectives………………………………………………………………………………………………………....10 Chapter 2 – Literature Review 2.1. Government Policy and Guidelines Literature……………………………………………………………………11 2.1.1. Establishing National Guidelines and Programs for Contaminated Sites……………..11 2.1.2. Establishing Provincial Guidelines and Programs for Contaminated Sites……………13 2.1.3. Brownfield Regulation in Ontario……………………………………………………………………….14 2.2. Brownfield Remediation – Sustainable Growth Measures…………………………………………………16 2.2.1. Brownfield Remediation – Sustainable Growth Ontario……………………………………..16 2.2.2. Local Policy for Brownfield Redevelopment – Sustainable Growth Waterloo……..17 2.3. Brownfield Remediation – Scientific Literature………………………………………………………………….18 2.4. Problems to Brownfield Remediation – Parent Study and Filling in the Gaps…………………….20 Chapter 3 – Incentive Packages v 3.1. Municipal Financial Incentives…………………………………………………………………………………………..23 3.2. Community Improvement Plans (CIPs)………………………………………………………………………………24 3.2.1. Study Grant Program………………………………………………………………………………………….25 3.2.2. Rehabilitation and Redevelopment Grants / Loans…………………………………………….26 3.2.3. Tax Assistance Program………………………………………………………………………………………27 3.2.4. Tax Increment Equivalent Grants (TIEGs)……………………………………………………………28 3.2.5. Façade Grant or Loan Program…………………………………………………………………………..29 3.2.6. Municipal Fees Grant Program…………………………………………………………………………..29 3.2.7. Development Charge Reductions or Exemptions and Equivalent Offsets……………30 3.3. Trends among Ontario Municipalities……………………………………………………………………………….30 3.4. Region of Waterloo CIPs……………………………………………………………………………………………………32 Chapter 4 – Market Analysis / Marketability Study 4.1. Market Analysis…………………………………………………………………………………………………………………36 4.2. Supply Analysis………………………………………………………………………………………………………………….36 4.2.1. Inventory and Quality of Existing and Future Multifamily Development……………..37 4.2.2. National and Region-wide Investment into Multifamily Development………………..38 4.3. Demand Analysis……………………………………………………………………………………………………………….42 4.3.1. Vacancy Rates and Space Absorption………………………………………………………………….43 4.3.2. Population Demographics…………………………………………………………………………………..44 4.3.3. Income and Employment Demographics…………………………………………………………….46 4.4 Marketability of Product…………………………………………………………………………………………………….48 4.4.1. Location Parameters…………………………………………………………………………………………..48 4.4.2. Quality of Product………………………………………………………………………………………………50 4.4.3. Market Rent Variations………………………………………………………………………………………50 Chapter 5 – Pro Forma and Analysis of Results 5.1. Development Pro Forma Analysis……………………………………………………………………………………..52 vi 5.2. Hypothetical Development Scenarios……………………………………………………………………………….52 5.3. Pro Forma Analysis……………………………………………………………………………………………………………54 5.4. Analysis of Results…………………………………………………………………………………………………………….55 References / Works Cited……………………………………………………………………………………………………….71 Glossary………………………………………………………………………………………………………………………………..…74 vii List of Tables Table 1 - Environmental, Social and Economic Benefits Realized from Brownfield Remediation and Redevelopment…………………………………………………………………………………………………………………..3 Table 2 – Number of Ontario Municipalities Offering Various CIPs with Brownfield Provisions as of October, 2010………………………………………………………………………………………………………………………31 Table 3 – Brownfield Incentive Policies offered in the Three Main Cities and Townships within the Region of Waterloo, Ontario………………………………………………………………………………………………………………….35 Table 4 – Apartment Housing Estimates in Ontario………………………………………………………………….37 Table 5 – Proportional Percentages of Dwelling Types in the Region of Waterloo, Ontario and Canada…………………………………………………………………………………………………………………………………….38 Table 6 – CBRE Rental Unit Market Statistics across Canada…………………………………………………….39 Table 7 – NPV and IRR: Brownfield Redevelopment and Greenfield Development without CIPs………………………………………………………………………………………………………………………………………….58 Table 8 – NPV and IRR: Brownfield Redevelopment with Waterloo Approved CIPs………………….59 Table 9 – NPV and IRR: Brownfield Redevelopment with Ontario Approved CIPs…………………….60 Table 10 – NPV and IRR: Brownfield Redevelopment and CIP Mix Packages…………………………….62 viii List of Figures Figure 1 – Geographical Representation of Ontario Municipalities with Brownfield Incentive Policies…………………………………………………………………………………………………………………………………….31 Figure 2 – Types of Purchasers for Canadian Real Estate Transactions above 10 million………….40 Figure 3 – Pension Fund Allocations to Real Estate, 2015…………………………………………………………41 Figure 4 – Investment Volume Comparisons, Region of Waterloo……………………………………………42 Figure 5 – National Trends in Multifamily Vacancy Rates…………………………………………………………43 Figure 6 – Population Projections, Region of Waterloo…………………………………………………………….45 Figure 7 – Population Demographics, Region of Waterloo……………………………………………………….45 Figure 8 – Unemployment and Employment Statistics, Region of Waterloo…………………………….47 ix List of Appendices Appendix 1 – Brownfield Pro Forma: No Incentives………………………………………………………………….68 Appendix 2 – Sources and Uses of Funds: No Incentives………………………………………………………….68 Appendix 3 – Brownfield IRR and NPV: No Incentives………………………………………………………………68 Appendix 4 – Brownfield Project Returns: No Incentives………………………………………………………….69 Appendix 5 – Greenfield Pro Forma………………………………………………………………………………………….69 Appendix 6 – Greenfield Sources and Uses of Funds………………………………………………………………..69 Appendix 7 – Greenfield IRR and NPV………………………………………………………………………………………70 Appendix 8 – Greenfield Project Returns………………………………………………………………………………….70 Appendix 9 – Waterloo Land Use Plan Schedule A……………………………………………………………………70 x Chapter 1: Introduction 1.1. The Problem: General Overview The brownfield redevelopment problem is an extensive issue being witnessed across North America and virtually in every other industrialized nation. Since the beginning of the 20th century, industrialization has played a crucial role in helping to establish more productive economies. According to the Canadian Encyclopedia of Historic Canada,
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